Date: Saturday, November 08, 2014
Kurdistan oil sales hit $3bn, to pay producers: Reuters
Iraqi Kurdistan has sold 34.5 million barrels of oil worth almost $3 billion since January, the Kurdistan Regional Government said, despite opposition from the federal government to independent oil sales from the region.
The KRG said in a statement on Friday that it would make an initial payment of $75 million to oil producing companies for their exports and would make further payments on a regular basis, sparking a rally in producers’ share prices.
Companies producing oil in the semi-autonomous region include the UK’s Genel Energy, Gulf Keystone Petroleum and Afren, and Norway’s DNO. Shares in Gulf Keystone rose by more than 6 percent, and Genel shares rose more than 3 percent.